WorldFirst

WorldFirst — the British payment service founded in 2004 allowing the companies and users to make money transfers between the countries on rates below than at banks. WorldFirst also specializes in services in currency exchange and hedging of currency risks for legal and individuals. In the company about 600 people work, it has offices in seven countries, including the USA, Japan and Australia (data for February, 2019).

History

2019: Ant Financial purchased WorldFirst

On February 14, 2019 Ant Financial Services Group announced WorldFirst purchase. Though the transaction price is officially not set, to several editions, including TechCrunch, the price — about $700 million is known.

As the CEO of WorldFirst Jonathan Quin wrote in the letter to clients, the company after the transaction with Ant Financial will become its division, but will save the headquarters in Britain, a brand, global transactions and strictly regulated business.

Ant Financial purchased the service allowing to transfer money abroad on rates below bank

Many British retailers already accept payments via the Alipay system (capital asset of Ant Financial) which extends on the international scene to service the Chinese tourists spending money abroad.

According to the statement of WorldFirst, from the moment of foundation of the company in 2004 till February of the 2019th clients made through service transfers to the amount more than 70 billion pounds sterling (about $90 billion at the rate of for February 14). WorldFirst is popular among the labor migrants sending money to family to other country — they do it on the Internet or in WorldFirst salons.

Purchase of WorldFirst became the next confirmation of plans of Ant Financial to develop also in international market. In 2018 the Chinese company tried to purchase the American service of money transfers MoneyGram, but this transaction broke because it was not succeeded to get approval of the American Commission on the foreign investments.^[1]

Notes